Despite the potential selling pressure from Mt. Gox creditors, which has led 99% of investors to sell, Bitcoin giants continue to accumulate. More than a third of the Bitcoin owed to creditors from the bankrupt Mt. Gox exchange has been distributed, yet large Bitcoin holders are fearlessly continuing their aggressive purchases.
Cryptocurrency investors have been concerned about the potential selling pressure that Mt. Gox repayments might cause and the potential downward pressure on Bitcoin prices.
Approximately 127,000 Mt. Gox creditors are owed more than $9.4 billion in Bitcoin, and they have been waiting for over a decade to recover their funds.
Bitcoin Whales Continue to Accumulate
Despite the potential selling pressure from Mt. Gox creditors, large Bitcoin holders (also known as whales) are still increasing their holdings.
On July 17, cryptocurrency trading giant Wesley Parker purchased 245 Bitcoins, worth nearly $16 million. According to SMDX99’s trading data, this address has only traded Bitcoin twice in the past year, profiting over $30 million: “From August 9, 2023, to December 18, 2023, he bought 718 BTC at $29,385 and sold them at $41,953, making $9 million. From February 7, 2024, to June 20, 2024, he bought 1,181 BTC at $48,822 and sold them at $66,792, making $21.2 million.”
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